Montana Mortgage Broker Surety Bond
Mortgage Brokers, Lenders, Servicers and Mortgage Broker Independent Contractor Entities in Montana are required to apply for a license through the National Mortgage Licensing System (NMLS) and file a Montana Mortgage Broker Surety Bond as a condition of licensure.
Surety Bond Requirements:
Obtain a surety bond. Bond amounts are based on the volume of loan production: New businesses with no prior history = $25,000 Surety Bond Loan production of $50 million and under per year = $25,000 Surety Bond Loan production of $50 million to $100 million per year = $50,000 Surety Bond Loan production of more than $100 million per year = $100,000 Surety Bond
- Complete the application and pay the license, NMLS processing, credit report and FBI criminal background check fees.
- Applicants, direct owners and indirect owners with at least a 10% interest in the company and executive officers are required to authorize a FBI criminal background check.
- Provide the following: a business plan, management chart, organizational chart, and a Certificate of Authority or Good Standing Certificate (if applicable).
- Applicants that will be using a dba or trade name must register with the Montana Secretary of State and obtain a Certificate of Registration of Assumed Business Name.
- Mortgage brokers must sponsor at least one mortgage originator for licensure.
- The surety bond will be uploaded electronically into the NMLS ESB system by the surety company the bond is purchased through.
- If any of the disclosure statements were answered "yes," provide an explanation for each.
- Provide a copy of formation documents if the business is a partnership, limited liability company or corporation.
- Licenses and bonds expire December 31 each year.
How Much Will This Bond Cost?
The premium that you pay for a Montana Mortgage Broker Surety Bond is dependent on credit and the bond amount required. Bond amounts over $50,000 require business and personal financial statements.
More Surety Bond Questions?
Check out our FAQ page. Should you need or choose to buy a surety bond, SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
For a downloadable application